The central government's social security scheme has been facing big damages in the New Pension System ie NPS. Millions of employees may be damaged due to this error. The lesser funding is being done in government employees' NPS corps and hence the retirement pension will be reduced. The central government has pointed out the seriousness of the problem in the NPS scheme to make a compromise on the priority basis.
PFRDA general manager Ashish Kumar wrote a letter to all the government departments that all reports from Central Recordkeeping Agency (SIR) have come to realize that there is a long gap between the date of joining and the permanent retirement account number generation date in the service of the NPS account. The account holder is being damaged in the NPS Corps. It is said in the letter that this is a matter of serious concern and this should be resolved.
NPS members are late in uploading their NPS contributions due to delay in generating permanent retirement account number. This reduces the cost of funds to the NPS account, and its direct impact will be on the pension of the members. That is, they will get less pension after retirement. This is the main purpose of the NPS scheme that can not be completed. The main objective of the NPS is to provide a pensionable pension to employees to meet the requirements of retirement.
